Cooperation in production capacity to benefit China, Europe

BEIJING - International cooperation in production capacity offers huge opportunities for participating in a country's economy. China and Europe, at different stages of development and with their respective strengths and demands, have a lot to share in this regard.

The world economy is undergoing a profound readjustment, and expansive monetary policies such as the quantitative easing (QE) measures applied in certain parts of the world offer no effective way out of sluggish growth.

Many developing countries including China find themselves in the process of industrialization and urbanization, while the rich nations are confronted with the challenge of re-industrialization.

"It is the right time to push for international cooperation in production capacity," said Chinese Premier Li Keqiang while addressing a China-EU business summit in Brussels on Monday.

China has hoped to match its advantages in production capacity with demands in infrastructure updates in the rest of the world.

The European Union last week reached a deal to create a 315-billion-euro (345-billion-US dollar) fund to upgrade infrastructure, stimulate the EU's sluggish economies and ignite job growth.

China has a full-fledged construction material production capacity and relevant made-in-China equipment is widely adaptable, which make China a qualified candidate to be part of this ambitious plan.